Borrowdale Brooke, Harare North, Harare
The piece of land is located immediately to the south of the Borrowdale Brook Golf Estate shopping center. It is that piece of land on the left along Fairway Drive as one drives towards the boom gate into the Brook Golf Estate. A perimeter fence marks its breadth and width. The land measures 3. 9 hectares, it is next to shops, a school and there is a new filling station that is currently under construction.
2. 0 LAND PHYSICAL FEATURES AND TOWN PLANNING CONSIDERATIONS
The land gently slopes towards the south at a gradient of about 1 in 50 making the whole land 100% developable. The northern portion of the land has red lateritic soils while the southern and southern eastern portions have brown expansive soils. A few rock boulders which appear to have been dumped on site from site clearing activities in the Golf Estate exists but it is apparent that the land is free of any underground rock boulders. Consultations with City of Harare reveal that the land is zoned for residential development which is freely permitted. The land can be subdivided into stands measuring 1200sqm to 4000sqm. The Brook Golf Estate is sewer reticulated and developments on this land can be connected to reticulated sewer. It is our considered opinion that this piece of land can readily and from an investment perspective , be incorporated into the Golf Estate in order for the purchaser to realize good returns on this investment.
3. 0 INVESTMENT APPRAISAL
Given the size of this land ,chances are that the potential buyer is a calculative investor who would like to know how the land can not only maintain the value of the purchase price but more importantly, the worthiness of this investment. Given the development options available from town planning provisions relevant for the area, purchasing the land and developing it for residential stands is advisable. Creating residential stands measuring 1250sqm on average is particularly advisable given that such stands in the Golf Estate are currently selling at a minimum of USD240K. With an intrinsic value of around USD85. 00 per sqm and servicing costs of not more than USD 20. 00 per sqm, an investor on this piece of land stands to make net return of not less than USD 2 million selling such stands. This profit can be realized over a period of twenty-four months which time is required for obtaining the necessary development approval permits and servicing the land. A return of over 60% in twenty-four months is good and attractive.